Local media reported that financial organizations in Russia will not be able to contact with clients via instant messengers operating outside of the nation.
The State Duma recently passed a new rule banning banks from utilizing conversations to convey customer information and payment papers.
Bill Bans Sending of Sensitive Information Through Foreign Messengers by Russian Banks and Brokers
According to new legislation enacted by the lower house of parliament, banks in the Russian Federation will not be permitted to contact their clients using a variety of well-known messaging services.
The Federal Service for Supervision of Communications, Information Technology, and Mass Media, Roskomnadzor, has not officially released a list of the impacted applications, but Telegram, Whatsapp, Viber, and similar services match the bill, according to the business newspaper Kommersant.
The State Duma restricted the use of this sort of messaging service for correspondence containing sensitive information such personal data or documents related to payments and money transfers in the draft bill, which was approved in the third reading.
The limits apply to all financial institutions, including banks as well as brokers, enterprises involved in the securities market, management firms, investment funds, private pension funds, and depositories, according to the report.
To Oversee the Implementation of the New Restrictions, the Digital Development Ministry
The Russian Ministry of Digital Development, Communications, and Mass Media will be responsible with overseeing the ban in this instance, not the Central Bank of Russia, claims Anatoly Aksakov, chairman of the legislative Financial Market Committee.
According to investment advisor Tatyana Evdokimova, some use third-party solutions, most frequently secure platforms, to communicate with clients, exchange papers, finalize agreements, upload data, and report to the central bank.